FRC demands submission of brokers’ financial status
The Financial Reporting Council (FRC), has directed all brokers to henceforth submit their approved financial statements and audited accounts to the agency.
The President, Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, disclosed this at the NCRIB Members’ Evening organised by Prestige Assurance in Lagos.
He disclosed that the FRC warned that failure to comply or late submission of accounts will attract fines and penalties.
According to Okunoren, a delegation of the Council met with the Chairman of the FRC, Dotun Sulaimon, during a courtesy visit, and agreed that the accounts submitted will be reviewed by FRC based on the concerns raised by the regulators.
The FRC also agreed to collaborate with the NCRIB to organise enlightenment programmes for brokers, and admonished members to ensure they register their companies, CEOs and CFOs with the FRC as well as update their membership.
On the code of corporate governance, the NCRIB President said the meeting affirmed that insurance broking companies are sole entities and that the code has been suspended and presently under review.
The meeting further agreed that the new code will take into cognisance of the peculiarities of different sectors and that the exposure draft will be made available to in due course for review to the public before it will comes into force.
He said the FRC chairman further promised that the Council will be pro-business and pro-development, and urged members to take advantage of the opportunities to submit their accounts to the NCRIB for onward submission.